Spindrift, a sparkling water flavored with only real fruit, announces the closing of $20 million in Series B-2 funding led by VMG Partners, a private equity firm that specializes in investing in and building branded consumer product companies. Additional investors in the round include Prolog Ventures, KarpReilly, RiverPark Ventures and other existing investors. This new capital will aid in launching Spindrift's first national advertising campaign to educate consumers about the real ingredient difference.
"We are thrilled, and humbled, by the ongoing support toward Spindrift's mission to provide a real alternative to the sparkling water category," says Founder and CEO Bill Creelman. "Our brand has been successful in getting consumers to rally behind our values of authenticity and simplicity, while expanding across major retailers like Whole Foods, Starbucks and Kroger. This new capital now allows us to continue to support our current business partners, increase awareness of our real difference through larger marketing initiatives, and support the addition of new infrastructure to support Spindrift's growing footprint."
Driven by consumer demand for brands that offer simple ingredients and a focus on transparency, Spindrift has been able to grow steadily in the emerging sparkling water space. Spindrift has experienced 1,000 percent revenue growth over the past 36 months and was named to Inc. Magazine's list of fastest-growing companies in 2017. In 2018, Spindrift expects to triple distribution to more than 25,000 doors and reach a milestone of 5 million cases shipped.
"Sparkling water is a category that's existed for some time, but what's most exciting is to play a role in ushering the new era of healthy bubbles without the use of artificial sweeteners or natural additives (flavors)," added Ilya Nykin of Prolog.
Creelman started Spindrift in 2010 as a solution to kick his soda addiction and to build something he felt comfortable giving to his young kids. The decision to use real fruit originated from growing up on a farm in Western Massachusetts, where his groceries were sourced primarily from local farms. Today, Spindrift is the first brand to produce sparkling water free of artificial and natural flavors, carefully curating a product that brings the real taste on the label to life within each sip.
Spindrift is available at various grocery retailers and café-style restaurants nationwide, including Trader Joe's, Whole Foods Market, Starbucks, Panera, Kroger, Target and online at Amazon.com and spindriftfresh.com.